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ICAC report into Eddie Obeid and Ian MacDonald

ICAC report into Eddie Obeid and Ian MacDonald

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Published by Latika M Bourke
ICAC report
ICAC report

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Published by: Latika M Bourke on Jul 31, 2013
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08/07/2013

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There was some delay in fnding a suitable purchaser for
Coggan Creek. Coggan Creek was a much larger and much
more expensive property than Donola. Perhaps the delay
was because it was more expensive, or perhaps the Obeid

82

ICAC REPORT Investigation into the conduct of Ian Macdonald, Edward Obeid Senior, Moses Obeid and others

to be generally honest and accurate. There were numerous
instances where Mr Brook gave evidence that was against
his own self-interest. Even so, there were times when Mr
Brook was hesitant in telling the full story, possibly as a
matter of self-preservation.

One matter is clear – if there is a confict between the
evidence of Mr Brook and the evidence given by Moses
Obeid, Paul Obeid or Gerard Obeid, the Commission
generally prefers the evidence of Mr Brook.

Returning to the sequence of events, Mr Brook met with
Moses Obeid and another Obeid son on 3 July 2008. The
Commission accepts the evidence of Mr Brook that the
following matters were raised during the discussion on
that day:

Now in response to your introduction or pitch in relation to
Lehmans, did Moses start talking to you about a potential
deal?---Yes, sir.

What did he say?---He said he was interested – well, he
said he was looking at putting together a coal deal.

Right. What else did he say about that? Anything?---He
said that he owned, he had formed a, a property or a
landholders’ alliance in the Bylong Valley. I, I knew nothing
about the area.

… had you ever heard of the Bylong Valley - - -?---No.

- - - before meeting Moses?---I’m not familiar with New
South Wales.

All right. Well, he said that I’ve formed a land alliance in
the Bylong Valley. What did he go on to say?---He said
that he’d formed a land alliance, they were conducting
due diligence through geologists, consultants, to ascertain
if there was any potential mining opportunities and
by forming a land alliance he felt that they could be,
participate at a mining commercial level other than just
being landholders and receiving compensation.

Although the various male members of the Obeid family
had wide and extensive experience in different kinds of
businesses, none had experience in the entrepreneurial
or practical side of coalmining. They needed assistance.
They found that assistance through an introduction to an
investment banker, Paul Gardner Brook. At the relevant
time, Mr Brook was a senior vice-president of Lehman
Brothers.

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